Mr Pranab Mukherjee finance minister of India said that India is in a better position than other countries to manage the impact of an uncertain global economic situation following the developments in the United States and the euro zone.

Mr Mukherjee said India's fundamentals were strong and the growth story remained intact.

Shares across Asia fell sharply despite efforts by global policymakers to stem a collapse in investor confidence after S&P downgraded US credit rating from AAA to AA+ last week.

(Sourced from Reuters)